SCH, other major banks mull financing Sonatrach's European expansion - report |
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Published
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Mon, 12 Feb 2007 09:35
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MADRID (AFX) - Banco Santander Central Hispano SA, Citibank, BNP Paribas and Societe Generale are some of the leading banks interested in financing Algerian state-owned oil and gas firm Sonatrach's expansion in Europe, elConfidencial.com reported, without citing a source.According to the website, Sonatrach's plans to grow its footprint in Europe is causing Spanish companies such as Gas Natural SDG SA 'to break out into a cold sweat', as they consider Sonatrach to be one of their 'main rivals' in the gas business.In recent weeks, Sonatrach's interest in Portugal has been widely reported, along with the possibility of it taking a 5 pct stake in EDP Energias Portugal.Further afield, talks in January between the company and Russian state-controlled gas giant Gazprom initially raised suspicions in Europe that the two countries were working towards an arrangement to create a gas cartel modelled on oil group OPEC.afxmadrid@afxnews.comjdy/cve/ms1COPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Algeria, Russia set to strengthen energy cooperation 